Trustee appointed writing to us 2 weeks 3 years after bankruptcy date

reallystressed

Hello everyone

Just updating this thread
After writing to the trustees quoting legislation they have finally replied to me and confirmed that the house interest has vested back to us!!! Thank god
However in the letter from them it says
"However while the trustees interest in the property no longer forms part of the bankruptcy estate, the trustees have a continuing duty to investigate various other aspects of your financial affairs. As such your cooperation is appreciated and I look forward to hearing from you in due course'
In the original letter from trustee included was a form stating my husband gives permission for his tax returns up to the end of tax year 2017 to go to the trustee
I thought only the first year after bankruptcy was included for tax return and then after that my husband can keep it?
He is Now a director of ltd company (his own) and did get a small tax return in 2015 because he was a sole trader for a few months before going ltd, but he was discharged from br July 2014 and didnt become self employed until oct 2014 so after the first tax year post BR
Also he had no IPA other than nil tax code that ended in April 2014 and no new one was set up
So what does this mean?

NotEvanAPot

Enter no further correspondence with the trustee and revert questions to your OR. They are trying it on having had to back down IMHO.

Mouse007

reallystressed wrote: »

...stating my husband gives permission for his tax returns up to the end of tax year 2017 to go to the trustee...

Do you mean tax refunds?

edit to add:

If so it shouldn't be a problem if your husband doesn't pay any tax. Structured properly (as a director of a Ltd Co) he should be taking a salary of no more than £672 a month (no tax) and any further income as dividends (no tax). For 2016/17 he might have a tax bill, don't overpay it!

reallystressed

Hello yes he is a ltd director so is paid below £672 and gets dividends

I don't know what to do about this form
My husband already signed a tax disclosure form when he was first made BR so does he really need to sign this thing?

Mouse007

It's going to be of no consequence then. Your husband shouldn’t be paying any tax under his current set up (none at all). You can only get a tax refund if you have paid tax in the first place. Do you care if KPMG are entitled to nothing?

If your husband’s dividends during 2016/17 are over £5,000 in total he will owe 7.5% tax on the excess, just make sure he pays no more than that. Doing so would generate a potential tax refund.

While I don’t understand how this 4 year tax refund agreement arose, I don’t think you need to worry about it. It’s not going to cost you anything.

Sign and return or ignore, your choice.

debt_doctor

reallystressed wrote: »

Hello everyone

Just updating this thread
After writing to the trustees quoting legislation they have finally replied to me and confirmed that the house interest has vested back to us!!! Thank god
However in the letter from them it says
"However while the trustees interest in the property no longer forms part of the bankruptcy estate, the trustees have a continuing duty to investigate various other aspects of your financial affairs. As such your cooperation is appreciated and I look forward to hearing from you in due course'
In the original letter from trustee included was a form stating my husband gives permission for his tax returns up to the end of tax year 2017 to go to the trustee
I thought only the first year after bankruptcy was included for tax return and then after that my husband can keep it?
He is Now a director of ltd company (his own) and did get a small tax return in 2015 because he was a sole trader for a few months before going ltd, but he was discharged from br July 2014 and didnt become self employed until oct 2014 so after the first tax year post BR
Also he had no IPA other than nil tax code that ended in April 2014 and no new one was set up
So what does this mean?

Hi, thanks for the update - I'm glad the house was returned to you.
With the other stuff you mention, you are correct in thinking that the trustee can no longer receive any tax refunds - but the request was to have tax returns till 2017 - not tax refunds.
Tax returns detail assets, and in some cases 'writing down allowances' from previous years - the trustee is looking to see if any other assets come to light.
You mention an IPA - no IPA can be made now - ever.
DD